This just collapsed to the lowest level in history, plus look at what is skyrocketing!

Pending Home Sales Collapse To Lowest Level On Record
June 27 (King World News) –
Peter Boockvar:  Pending home sales in May fell 2.1% m/o/m after a sharp 7.7% fall in April. That was below the estimate of up .5%.

Bottom line, this index has now fallen below the April 2020 Covid shutdown collapse and is now at the lowest level since this survey began in 2001. We know exactly why.

The NAR though is glass half full and we of course hope they are right. “The market is at an interesting point with rising inventory and lower demand. Supply and demand movements suggest easing home price appreciation in upcoming months. Inevitably, more inventory in a job creating economy will lead to greater home buying, especially when mortgage rates descend.” I don’t think we’re going to get a notable rise in inventories until the baby boomers downsize in greater size. Of course, much lower mortgage rates could also lead to a lot more supply. I emphasize ‘much.’

Pending Home Sales Collapse To Lowest Level On Record

The Shanghai to Rotterdam route saw the box price rise another $455 w/o/w to $7,322, higher for a 10th straight week, up 144% over this time frame and compares with $1,667 entering the year. It was about $2,000 in early 2020.

More “Transitory” Inflation On The Way As Shipping Costs Skyrocket

The trip from Shanghai to LA saw the price rise by $232 w/o/w to $6,673, up for an 8th straight week and about doubling over the past two months. It began 2024 at $2,100.

More “Transitory” Inflation On The Way As Shipping Costs Skyrocket

This is an inflationary big deal for the goods sector, especially since we are only a few months away from stores stocking up for the holidays. Air cargo rates have jumped too in response.

Wild Trading In Gold & Silver!
To listen to Alasdair Macleod discuss the wild trading in the gold and silver markets this week and much more

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